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“We hope this unique sculpture will enhance Newent and make it a more popular visitor attraction,” he said.

“Whilst we still have a large sum of funding to raise, thanks to The Honourable Company, we can now launch the project with confidence. We hope the public will see the benefits to the local area and really get behind this project.”

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Mr Urch said people came to visit the post box painted gold when Charlotte Dujardin won the gold medal and traders and civic leaders hope a statue will bring even more people to the market town.

“The Post Box has already been a boost to Newent,” he said. We lost the museum when Jim Chapman retired and although we have attractions outside the town, we need to have more to attract people into what is a vibrant town centre.

“Charlotte and Valegro are known worldwide and it will be good to recognise their achievements.”

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Although the town is home to well-known sculptor Andrew Stonyer, he says an artist has yet to be chosen but a shortlist has been drawn up.

The high profile crowd funding campaign will opening in December and Carl Hester MBE, co-owner of Valegro, said: “Charlotte and I are hugely touched by this project, and happy to give it our full support.

“Valegro not only won several gold medals but danced his way into people’s hearts; this will be a truly fitting testament to his extraordinary talents for many years to come.”